The GOB Da'Mein is now ready for sale to Pavillion REIT....as predicted in your write up...just fresh from Bursa announcement

Da'mein is now ready for sale...to Pavillion REIT

In addition, I have feeling they have not factored in fully the sales of Star Residences (Retail Tower 1) and the 5 blocks of commercial retails into the RM710M unbilled sales.

Think about it.

The GDV for TWY is at about RM480M (per the Annual Reports 2015). It is 80% sold with no buyers rescinding from their S&P agreement. Assuming a conservative RM400M out of RM710M unbilled sales belong to TWY. Then, the difference of RM710M - RM400M = RM310M belong to Star Residences.

Star Residences is a 50-50 joint venture with UMLand. Hence, total sales should be RM620M accruing to Alpine Return. But think about it. The GDV for both RT1 and the commercial block is RM900M and RT1 is already 90% sold. Hence, at the very minimum, Symlife should be entitled to RM400M.

Hence, we should be looking at unbilled sales increasing to RM800M at the very least for the next Quarter Q2'16 results.

The land bought for EKVE is at about RM15 per sqf (for 20 acres). It will cut across Symlife's land. Given the proximity of Symlife's land to Bandar Sungai Long and the connectivity offered by EKVE, I think Symlife land should worth at least RM80 per sqf. Also, the state governmeny's decision to relocate the Langat 2 water treatment plant to a cheaper land (not at Symlife's land) serves as a good indicator that Symlife's land is valuable (assuming Tan Sri does not pull his strings).At a conservative RM75 per sqf, the Sungai Long land should worth at least RM 1Billion.

In addition, I have feeling they have not factored in fully the sales of Star Residences (Retail Tower 1) and the 5 blocks of commercial retails into the RM710M unbilled sales.

Think about it.

The GDV for TWY is at about RM480M (per the Annual Reports 2015). It is 80% sold with no buyers rescinding from their S&P agreement. Assuming a conservative RM400M out of RM710M unbilled sales belong to TWY. Then, the difference of RM710M - RM400M = RM310M belong to Star Residences.

Star Residences is a 50-50 joint venture with UMLand. Hence, total sales should be RM620M accruing to Alpine Return. But think about it. The GDV for both RT1 and the commercial block is RM900M and RT1 is already 90% sold. Hence, at the very minimum, Symlife should be entitled to RM400M.

Hence, we should be looking at unbilled sales increasing to RM800M at the very least for the next Quarter Q2'16 results.

The land bought for EKVE is at about RM15 per sqf (for 20 acres). It will cut across Symlife's land. Given the proximity of Symlife's land to Bandar Sungai Long and the connectivity offered by EKVE, I think Symlife land should worth at least RM80 per sqf. Also, the state governmeny's decision to relocate the Langat 2 water treatment plant to a cheaper land (not at Symlife's land) serves as a good indicator that Symlife's land is valuable (assuming Tan Sri does not pull his strings).At a conservative RM75 per sqf, the Sungai Long land should worth at least RM 1Billion.

shit - so high liaw

@ nemesis - how do you get RM2.50 per share for this counter?

Post removed.Why?

how do you get RM2.50 as your target price? mind to share?

GADANG is slowly inching upwards....maybe wanna entice warrant holders to convert.

so many 5 cents prostitute....
i bet most don't wanna hold for the long term...

@ nemesis, mind to share how much is your average price for this stock?
what do you like about this stock?

@ nemesis - why do you say so? can you tell me please?

even during the AGM, Tan Sri admitted that the stock is trading to a huge discount to its NTA....

hopefully, it will stay at RM0.80 after ex-date

what happens after the dividend date? drops back again?

i will curse this counter everyday until she rise from the dead

phariah bodoh stupid, "so-hai", pull key mah, chee-buy, counter

there is something else besides the undervalued land (namely the 400 acres of Sungail Long land) which was factored as part of RNAV computation.

SymLife is headed by Tan Sri Azman Yahya ~ a very well connected and a very smart person.
Also, the management of SymLife is very strong - one just need to look at the qualifications of the directors and Mr. Alan (the chief operating officer for Alpine Return - managing the Star Resi).

During the Q&A session with Tan Sri (at the recently concluded AGM), Tan Sri is really in his elements. From the way he answer the shareholders (about 20+ questions have been fielded), you can see Tan Sri is very hands on with his company and i have huge respect for him after walking away from the AGM. Unlike other companies, the Chairman does not know much and have to defer the questions to his lieutenants.

You can see that this company has very much build in a very robust risk management culture. Key risks like finance charges are properly managed (especially important during such soft property market) resulting in a relatively clean balance sheet (especially the liability session). Furthermore, they have many projects in the pipeline - such as Sunway Quay, the land at Old Subang Airport road, Mont Kiara 2 (MK2) and ShahAlam U10 - and they have cautiously deferred / spaced these projects.

Without Tan Sri's connection, SymLife is unable to get the Subang land (which was a JV with RRI) and the endorsement of the Tourism Ministry for the Star Walk of Fame - a key selling point for Star Residences.

For the Taman Midah land, it appears that the company leased it to Tesco for 30 years (+ an option to extend another 30 years). It was done before Azman Yahya joins the company and i believe the old Bolton was seriously over stretched and needed the funds. The lease payments was done upfront - one shot. That is why there is no capitalisation of MLPs (Minimum Lease Payments) in the balance sheet (long term asset section).

hence, there is a restriction on the usage of the land. I believe that SymLife will look into possible avenues to bring Tesco to the negotiation table - given that the Taman Midah land is a goldmine - furthermore, the status of the land is commercial.

there is a restriction to the land usage for Taman Midah. Need to exclude it from the RNAV computation.

both GOB + symlife shares have found their floor

Yes,
Symphony Life puts off RM8B Sg Long township until 2018
Also issues profit warning for FY16, defers other launches.

http://www.theedgemarkets.com/my/article/symphony-life-puts-rm8b-sg-long-township-until-2018

Hi all; will share the information gathered at the AGM by this weekend...

sometimes, news only give 50% of the story - the other half need to attend AGM to find out....

think about it...from now until the delivery of the LRT project...the bear will continue her stampede...let her do her job...we follow from behind... :-)

wait for the initial euphoria to dissipate. Remember - this is a bear market now....wait for the 100 pounds bear to sit on this counter...then, we will start bottom fishing.... :-)

Please perform your own due diligence/ research and do not rely on my work above on deciding whether to buy or sell or hold on to your shares. Reliance is solely at your own risk. Do not blame me if things go sour/ go south.

At the time of writing, i am still holding on to my GOB shares and is bleeding rather heavily.

Need tonnes of Kotex/ Laurier/ tampons to stop the bleeding.

Below is the write up for GOB:

Future impetus (beyond 2016):
- Low cost landbank at Batu Kawan. 374.3 acres carried at RM7.80 per sqf. By developing this piece of land, hopefully, GOB sales price will be at par with Tambun Indah. Furthermore, Tambun Indah does not have the below "armaments".
- JV with Lembaga Getah – low cost of consideration paid to Lembaga Getah: RM1K per sqf: GDV RM1.0B.
- Remaining 27 acres of land at Seri Kembangan: GDV RM255M (give or take)
- 2x parcels of land purchased from Malton at Sungai Long??
- To earn recurring income = 30% of total sales revenue:
F&B Business at Dalian + local = Grandmama + Grand Harbour
Trading business: PNT trading - 100% wholly owned subsidiary and will be headed by a Finance director from Malton (previously in charge of Evelyn and Crabtree)

- Concerns over possible asset stripping following the slew of disposal of 3x parcels of leasehold land is largely unfounded.

Below is the write up for GOB:

PROPOSED DISPOSAL OF A PARCEL OF LEASEHOLD LAND BY PERTANIAN TAMAN EQUINE SDN BHD FOR A CASH CONSIDERATION OF RM43.30 MILLION

Concern that the parcel above is sold at a cheaper price compared to the earlier 2 parcels at RM142M.
Reasons for lower disposal price (when comparing in per sqf terms):
The above parcel is located at a hilly terrain and the cost to develop the land is prohibitive given that DBKL has placed a number rules to comply with for hillside development. In addition, this parcel of land is categorized as residential land (not commercial zoned) and is located further away from established commercial hub.
Furthermore, an independent valuation was carried out by an independent land valuer.

Below is the write up for GOB:
F&B Business:
This year, GOB expanded its F&B business into Dalian China. The Grandmama store in Dalian, China is located at Pavillion Dalian.
Currently, GOB has 3x Grandmama stores located at Pavillion Dalian, Pavillion KL and KLIA.
http://www.grandmamas.com.my/locations.php
Expansion: Add 1 more at the end of this year and 3 more next year.

1x bakery store at Dalian China – sales/ turnover very good with about 200,000 buns a day.

2x Grand Harbour Restaurant:
Grand Harbour Restaurant, Farenheit 88
Grand Harbour Restaurant, Mid Valley Megamall
http://grandharbour.com.my/about_us
Expansion: Add 1 more at the end of this year.

F&B business is currently bleeding and is expected to recover by the end of 2017.
Spike in OPEX from RM60M FY2014 to RM80M FY2015 is mainly due to expansion into the F&B business and PNT trading business.

Below is the write up for GOB:
The land at Batu Kawan, Penang

The Batu Kawan land is located just 20 minutes (tops) from the Penang 2nd link.
Batu Kawan land size per the Annual Report 2015 is 229.3 acres carried at RM108M.
The rest is held as a right to purchase the land (145 acres) at a cost of RM19.3M from PDC Penang. Please refer to the notes to the accounts Note 42(b) (ii).

Total land size: 374.3 acres carried at RM127.3M
Cost price per sqf = RM7.80 compared to the recent land transactions whereby price per sqf is at RM40 (at least).

Assuming the land at BK is disposed off at RM40 per sqf; total EPS to shareholders
= RM1.15 which is 2.5x the current share price of RM0.45.

Below is the write up for GOB:
Lembaga Getah JV @ Jalan Ampang:
GDV = RM1.0B
Considered a very good deal because the consideration accrued to Lembaga Getah is RM268.0M ~ thus the cost price per sqf: RM1K
compared to the acquisition cost for German Embassy & British Embassy (which is located opposite to GOB’s project) at RM2,000 per sqf (at least).
Land cost at 50% discount.
Profit accrued to GOB = GDV RM1.0B – RM268.0M (entry cost) – financing costs (coupon rate)/ allocation of development profit accrued to a capital provider.

Below is the write up for GOB:
Da’mein retail mall:
Highly likely to be opened for business sometime in Nov’15/ Dec’15 (before Christmas) and is expected to be disposed during 2016/2017. The expected disposal price is in the vicinity of RM400.0M to RM450.0M.

Effect of disposal – will turn GOB into a net cash company.

Cash flows arising from disposal of Da’mein:
Expected selling price: RM400.0M (to be conservative)
(-) Company tax rate: 25% (RM100.0M)
We expect this disposal will attract corporate tax rate 25% instead of RPGT due to the nature of property developers who develop land and eventually selling it to earn business revenue as opposed to outright disposal which attracts RPGT.
(-) Payment to land owner: Revenue Concept: (RM28.0M)
(-) Borrowings: RM260.0M ~ Total borrowings in the balance sheet (as at 31/05/2015): RM260.0M
This borrowing is largely the credit facility granted for construction of Da’Mein.
= net cash proceeds: RM12.0M

<The computation above does not take into consideration the disposal of the 2x parcel of leasehold land on 1st Apr’15 and a subsequent disposal on 11th Aug’15. The cash proceeds will be used to pare down loan and as a working capital for Lembaga Getah JV @ Jalan Ampang>

Below is the write up for GOB:
Unbilled sales:
The average take up rate from the ongoing projects namely
- Villa Heights (Phase 1B),
- Galleria,
- SpringVille, and
- the two towers of service apartments and shop offices at Da’mein USJ (excluding the retail mall)
is approximately at 90% and is expected to be completed by the end of 2016.
Total unbilled sales accrued from the above (excluding sales of Da’mein retail mall) is approximately RM430M (give and take), thus giving an earnings visibility until the end of 2016 (not sure whether this is calendar year/ financial year).

Hi hng33, just need your help...
what do you think of buying the warrants?
what do you think of this strategy? if say you have 100 free warrants from the rights issue, do you think it is a good move to buy an additional 100 warrants @ RM0.13?
I think RM130 will be spread to 200 warrants (100 that you bought and 100 that is free) whereby the average price per warrant is at RM130/200 = RM0.065.
Thereafter, you have about 2 warrants to cover the losses for 1 mother share.
What do you think of this move?

@ brother hng33,
ok - will update by this weekend for GOB.
Also, do you have any questions for SymLife?
I will be attending the AGM for SymLife on 9th Sept.

KEEP CALM - MONITOR GADANG'S PRICE AND BUY GADANG @ RM1.17

actually, the more critical thing is the Star Residence Tower 2 - scheduled for launch during Oct'15. If they can achieve more than 80% take up rate for Star Residence Tower 2, we can say Star Residence is on safe waters and this will contribute significantly to SymLife's revenue for FY16.

@ fairreasonable, you are right. Apparently, the RM710M unbilled sales have yet to be reflected in the quarterly reports. Unable to tie the RM710M unbilled sales with the quarterly report.

some of us may ask why the external auditors cannot find the pilferage of RM7.0M.
As an ex-auditor, i think this pertains to the expectation gap - what the investing public thinks about the auditors' job scope versus the real purpose of an audit.

Just pick up any auditor's report to the members of the company. An audit opinion is just to provide an assurance that the financial statements is showing a true and fair view of the company's state of financial affairs and that the financial statements is free of material misstatement. Materiality is normally based as a percentage of sales or assets. $7.0M is nothing to AAX and Tony's salary is more than that.

External auditors are not expected to enter into an audit engagement with a predetermined mind frame that there is an existing fraud for them to uncover and the audit procedures to express an audit opinion (in general) are not designed to uncover frauds.

Anyway, AAX has done the right thing to report this $7.0M. This will definitely drive a culture of compliance and honesty in AAX.

@ hng33,
i just attended the AGM for GOB on 26th Aug. Will be posting shortly on the key takeaways from the AGM. There is a high possibility that Da'Men will be disposed off.

anyway - i will be attending the AGM this 9th Sep...to query management on a range of issues to lay to rest some of my worries.

just don't understand why the unbilled sales have not yet been reflected in this quarter? maybe it is due to slower progress billings due to slower project development?

@ hng33, congrats...my uttermost respect to you...
Just asking, got time to analyse symlife quarterly results?
This quarter, result still not good...

bodoh counter...quarterly results like shit ~!!!!

mmm....Pisang Goreng..i think today, you might get lower than RM1.18....indeed, i think i have over paid too....RM1.20 seems to be quite "high" in the current market environment....

i pray you may get it at RM1.10....

YAHOOO....managed to buy at all year's low of RM1.20....

Tambah makan Gadang...
Nyum nyum....
Gadang ~ enak, lazat, berkhasiat, kenyang....

you can always consult me...deemed the Sage Of Symlife...or the long term resident of SymLife...

why? what have he done? to make you lost your trust in him?

how about langat 2 water treatment project?